Applied Materials Announces First Quarter 2019 Results

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)January 27, October 28,
20192018
ASSETS   
Current assets:   
Cash and cash equivalents$3,192  $3,440 
Short-term investments520  590 
Accounts receivable, net2,444  2,323 
Inventories3,703  3,721 
Other current assets426  530 
Total current assets10,285  10,604 
Long-term investments1,588  1,568 
Property, plant and equipment, net1,456  1,407 
Goodwill3,368  3,368 
Purchased technology and other intangible assets, net199  213 
Deferred income taxes and other assets2,026  473 
Total assets$18,922  $17,633 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable and accrued expenses$2,420  $2,721 
Contract liabilities1,356  1,201 
Total current liabilities3,776  3,922 
Income taxes payable1,303  1,254 
Long-term debt5,310  5,309 
Other liabilities324  303 
Total liabilities10,713  10,788 
Total stockholders’ equity8,209  6,845 
Total liabilities and stockholders’ equity$18,922  $17,633 
 

APPLIED MATERIALS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In millions)Three Months Ended
January 27, January 28,
20192018
Cash flows from operating activities:   
Net income$771  $165 
Adjustments required to reconcile net income to cash provided by operating activities:   
Depreciation and amortization88  119 
Share-based compensation65  65 
Deferred income taxes41  32 
Other1   
Net change in operating assets and liabilities(132)   1,085  
Cash provided by operating activities 834     1,466  
Cash flows from investing activities:      
Capital expenditures (133 )   (203 )
Cash paid for acquisitions, net of cash acquired     (5 )
Proceeds from sales and maturities of investments 464     1,944  
Purchases of investments (397 )   (384 )
Cash provided by (used in) investing activities (66 )   1,352  
Cash flows from financing activities:      
Common stock repurchases (750 )   (782 )
Tax withholding payments for vested equity awards (74 )   (141 )
Payments of dividends to stockholders (192 )   (106 )
Cash used in financing activities (1,016 )   (1,029 )
Increase (decrease) in cash and cash equivalents (248 )   1,789  
Cash and cash equivalents — beginning of period 3,440     5,010  
Cash and cash equivalents — end of period $ 3,192     $ 6,799  
Supplemental cash flow information:      
Cash payments for income taxes $ 34     $ 78  
Cash refunds from income taxes $ 8     $ 40  
Cash payments for interest $ 34     $ 34  
               

APPLIED MATERIALS, INC.

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